Articles tagged by FX Connect
SimCorp says it has enhanced its existing partnership with FX Connect to provide SimCorp Dimension users with full foreign exchange netting capabilities.
SimCorp leverages FX Connect’s cross-currency netting capabilities to enable its clients to block, net and subsequently compress large, multi-currency, multi-value date blotters.
With integration to the order manager module of there firm's Dimension, SimCorp’s clients can access an automated end-to-end FX execution process, which allows them to create operational efficiencies while at the same time reducing trading costs.
ITG’s transaction cost analysis (TCA) product for FX is now integrated into the FX Connect trading platform.
This means that institutional investors on the platform can now use FX Connect and ITG TCA for FX to measure and analyse their FX trading to help demonstrate best execution.
The TCA product combines dealer, ECN and interbank market sources to provide a analysis covering spot, forward, swap, NDF and NDS transactions.
“Accurate FX trading data is the foundation of effective FX TCA analysis. The seamless integration of a client’s data from FX Connect to ITG TCA combines our deep FX analysis capabilities with robust data from the best-in-class platform for complex foreign exchange workflows. This creates an easy to use, powerful and flexible solution for institutional traders,” says Ian Domowitz, managing director and head of analytics at ITG.
Profit & Loss understands that Andy Kidd has left State Street Global Exchange where he was regional head of FX Connect, the bank’s electronic solution for asset managers.
Kidd had been with the State Street group for six years, joining the firm as part of its bank relationship team in the e-exchange solutions business which covered FX Connect as well as Currenex, the trading platform also owned by State Street.
Prior to State Street, Kidd spent two years at Eurobase Banking Solutions in London, he joined the firm from a long banking career.
Profit & Loss readers cast large numbers of votes this year for their preferred market makers and service providers.
Last year was the first that we changed the category description from banks to market makers to account for the larger proportion of non-banks that now comprise an important part of market making, and this is again reflected in the results. The industry’s changing dynamics are starting to show.
Voting, which spanned across time zones, was close in many categories, so we have listed the top three for each category to acknowledge the runners up.
State Street says it has received approval from the UK’s Financial Conduct Authority (FCA) to operate its FX Connect and Currenex platforms as multi-lateral trading facilities (MTFs) for foreign exchange within the jurisdiction of MiFID II.
Both platforms will now operate as MTFs and be upgraded to be compliant with MIFID II upon implementation in January 2018, State Street says.
For institutions that fall under the MiFID II regime in Europe, “financial instruments” can only be traded on the new MTFs.
Paul Alves has left his role as senior managing director at State and global head of the FX Connect and FX Connect Trade Services product suite.
A spokesperson for State Street confirmed the departure.
Alves had been with State Street for more than 10 years, previously serving as the global head of sales for FX Connect.
Prior to State Street, Alves held senior sales and relationship management roles at MoneyLine-Telerate and Thomson Reuters, and he began his career at The Boston Company Asset Management.
State Street is reshuffling senior FX staff, with James Reilly being appointed as the global head of Currenex and Beverley Doherty as global head of FX Connect. As a result, David Newns, formerly head of Currenex and SwapEx, will now take on the newly created role of global head of GlobalLink Execution Services.
Additionally, Stephen Dispenza has been promoted to global head of sales for Currenex, reporting to Reilly. Dispenza previously served as North American head of sales for the platform.
FX Connect is partnering with trade technology software provider, BestX, in order to offer transaction cost analysis (TCA) solutions globally.
“We’re taking what we consider to be an extremely impressive set of TCA functionality that enables out-of-the-box integration between the two platforms and offers customers what’s essentially a turn-key integrated solution that supports the TCA required to underpin best execution policy evidencing and execution,” David Newns, head of execution solutions for Global Link, State Street’s suite of e-trading platforms, technology, data and workflow solutions, tells Profit & Loss.
He adds: “Furthermore, the bespoke integration between FXConnect and BestX, which not only includes the sophisticated models which BestX currently offer, but also enhanced data around trade times, speed of execution and certainty of trade settlement makes this a unique offering.”
David Ullrich has rejoined State Street as North American head of sales for FX Connect.
Ullrich rejoins State Street from FlexTrade, where he was senior vice president of execution strategies, responsible for expanding their FX offering. Prior to that he held various positions at Credit Suisse, Bank of America and Morgan Stanley. Ullrich previously worked for State Street as head of asset manager FX sales for North America.
“We are looking forward to David’s return to State Street,” says Beverley Doherty, global head of FX Connect. “The skills and knowledge that David brings from his more than 30 years of FX experience across the buy side and the sell side, including his knowledge of our institution, will add tremendous value to our business, particularly as we look to develop and deploy new functionality to meet our clients’ evolving needs.”
State Street’s FX Connect rolled-out a new piece of functionality in the form of its Automated Order Router (AOR).
The platform says that this AOR will allow buy side firms to further streamline their current execution process by allowing for rules-based trading for Request for Stream (RFS) sessions; where buy side firms can establish a rule-set inclusive of defined attributes, which will determine the submission and/or acceptance of orders with minimal human involvement. Users can monitor these automated orders in real time in their ‘Active Orders’ view and take manual action to accept or cancel the orders as needed.
State Street has acquired BestX, a software company that provides independent trade technology and TCA analytics.
The financial terms of the deal, which is expected to close in Q3 subject to closing conditions and regulatory approval, are not being disclosed. Following the deal, BestX will sit within State Street’s Global Link product suite, which is run by Martine Bond, executive vice president and head of trading and clearing for State Street Global Markets.
“Over the past few years, Mifid II, combined with broader economic and political stresses in the market and great competition in the FX market, has meant that our clients are looking for greater transparency and ways to improve their performance and their returns to client and shareholders,” says Bond
FX Connect has announced a range of technology enhancements, including to its GUI, automated order routers (AOR) and order blotter.“In today’s highly competitive environment where firms face increased complexity and regulatory requirements, it’s vital that we work with our clients to shape our product and solution strategy,” says Beverley Doherty, global head of FX Connect. “Our new enhancements will be instrumental in helping us accomplish this goal, demonstrating FX Connect’s ability to innovate and improve products that create solutions for our clients’ evolving needs.”Making changes via HTML5, FX Connect is creating a trading “cockpit” within its GUI that provides order management and execution through a single, secure interface.Changes to the order blotter include live indicative rates, the estimated percentage away from an order’s limit price, colour coding of orders based on their per cent away from their custom threshold settings and customisable order alters.
2018 “began with a bang” for Currenex and FX Connect due to the implementation of MiFID II, according to David Newns, global head of Global Link Execution Services at State Street, which owns both platforms. He adds that a “not inconsiderable amount of blood, sweat and tears” went into ensuring that the two Multilateral Trading Facilities (MTFs) that it was required to launch were up and running ahead of the January 3 deadline, an experience that was shared by many market participants in Europe last year.